The Grain Millers Association of Zimbabwe (GMAZ), said that its members are struggling to access foreign currency on the interbank market forcing then to rely on the black market.
GMAZ general manager Lynette Veremu said that because of these developments, coupled with the government’s decision to increase wheat and maize producer prices, there will be a price hike for grain products. Said Veremu:
The manufactures of packaging, which includes the government-owned Tregers are now demanding payment in foreign currency.
It is difficult if not impossible for millers to obtain the foreign currency on the interbank market for such a local transaction and consequently millers are now resorting to parallel market which has a premium rate currently at 1:8.
The milling industry is yet to adjust its prices as discussions with the Industry Ministry are being concluded.
New prices, indicating the maximum recommended retail prices, will be published in all major newspapers nationwide shortly. Our monitoring teams will be in the field to promote adherence.
Veremu added that locally-produced wheat has been exhausted, meaning that millers are importing all the wheat required.
She called upon the government to consult widely with stakeholders before announcing new policies to avoid blaming business for price increases.
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